Late Wednesday night, BrightSource Energy, a start-up formed to build solar thermal power plants, was forced to make a humbling admission: Despite a year of hopes and efforts, it could not find the market it wanted for its stock. The company canceled its initial public offering of shares just hours before trading was to begin.

According to the Wall Street Journal, BrightSource has received approximately $868 million in federal loans.

Boy, the US Government sure does know how to pick 'em.

For those amused by such things, here's BrightSource's CEO's list of recent political contributions from opensecrets.org

So for an investment of $24000 in progressive politicians he gets an 868 million dollar loan, now that is a good investment, for him. I wonder how much of that money will filter back to progressive politicians.

" . . a U.S. solar manufacturer that was awarded a $400 million U.S. loan guarantee, will suspend operations and file for bankruptcy because its panels were too expensive to compete."

"U.S. taxpayers may lose $40 million to $60 million on the loan after Abound’s assets are sold and the bankruptcy proceeding closes, Damien LaVera, an Energy Department spokesman, said in a statement today."

The story goes on to say that lawmakers were warned it was a bad idea. But they knew better, of course.

"A geothermal energy company with a $98.5 million loan guarantee from the Obama administration for an alternative energy project in Nevada — which received hearty endorsements from Energy Secretary Steven Chu and Senate Majority Leader Harry Reid — faces financial problems . . . Nevada Geothermal Power (NGP) has incurred $98 million in net losses over the past several years, has substantial debts and does not generate enough cash from its current operations after debt-service costs, an internal audit said."

"A committee report said the loan did not finance any new construction and “did not help to create a single job.”

"The Amonix solar manufacturing plant in North Las Vegas, subsidized by more than $20 million in federal tax credits and grants, has closed its 214,000-square-foot facility about a year after it opened."

"I don't think they had a lot of training," Kenerly said. "There were a lot of quality issues. A lot of stuff was coming back because it had some functionality issues."

There's a nice picture from the 'ceremonial groundbreaking ceremony' for all you Harry Reid fans.